SYDNEY, Australia- A new study by the University of Sydney appears to conclude that Australians have a love-hate relationship with their credit cards. The new study surveyed 584 credit card users and was conducted by Associate Professor Paul Henry, Professor Ellen Garbarino, and Dr Ranjit Voola of the University of Sydney.
The study shows that more than 80% of responders believe that credit card marketing should be more tightly regulated and 52% believe that individual responsibility should work better than the tighter regulations.
According to Associate Professor Paul Henry, Consumers like their credit cards, they are a necessity, but at the same time they are seen as something to be wary of. Henry notes the importance of tighter regulations, but also points that improved individual responsibility, through consumer education, is also necessary. A combination of the two is needed to improve consumers relationships with their credit cards. An improved relationship would benefit both the consumer and the credit card companies.